Chris McIntyre thinks $MSGE is a cheap stock

Chris McIntyre returns to the podcast to discuss his belief that MSGE is a  cheap stock. Key topics include how to look at the Sphere, why the Dolans might not be as bad as you think, and why he thinks the company will gush free cash flow once the Sphere is completed.

My notes on MSGE: https://twitter.com/AndrewRangeley/status/1469002333908606979?s=20
Chris's website / presentation on MSGE: https://msgeisacheapstock.com/presi.html
My podcast with Jon Boyar on the awful MSGE / MSGN deal: https://twitter.com/AndrewRangeley/status/1379040448149356546?s=20

Chapters
0:00 Intro
1:30 MSGE overview
4:45 The elephant in the room: should MSGE get a "Dolan Discount?"
9:30 Discussing The Sphere
14:25 The cost escalation history of the Sphere
27:10 What's the outlook for RSNs in general and MSGN in particular?
30:30 Why was combining MSGN with MSGE the right move?
33:30 Valuing MSGN given the turmoil in RSNs
36:55 How does MSGN transition to a D2C world?
41:50 More on MSGN's value
50:05 What does the income statement look like as MSGN transitions?
59:55 Valuing Tao and The Rockettes
1:03:20 Valuing the Garden
1:08:35 Closing thoughts and a quick SOTP